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letter of credit in the previous video media mundo explained to Nick who the various payment methods one of which was letter of credit since LC method is an important method of payment we will explain them in more detail here to begin an LC payment involves the buyers bank and Nicos bank payment is made when seller submits the documents such as invoice Bill of Lading etc to her bank as proof of shipment the LC protects the seller against payment default by the buyer an LC also protects the buyer since no payment obligation arises until the goods have been shipped by seller as promised who are the parties involved in a letter of credit the applicant is the buyer who approaches its bank to issue an LC in favor of the seller the buyers bank is called the issuing bank niku the seller is the beneficiary in whose favor the LC is issued advising bank is the bank which receives the LC from the issuing bank for the beneficiary besides the advising bank that can also be nominated bank and a co